ADTRAN, Inc. Reports Fourth Quarter and Record Year End 2000 Results.Business Editors HUNTSVILLE Huntsville, town, Canada Huntsville, town (1991 pop. 14,997), SE Ont., Canada, on the Muskoka River. It has lumber mills and a woodworking plant, but it is sustained mainly by its year-round tourist trade. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Jan. 16, 2001 ADTRAN, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADTN ADTN Administrative Data Transmission Network ADTN Administrative Data Telecommunications Network ) reported results for both the fourth quarter and the year ended December December: see month. 31, 2000. Sales for the quarter increased 16.5% to $121,755,000 from sales of $104,471,000 for the quarter ended December 31, 1999. Sales for the year ended December 31, 2000 increased 26% to a record $462,949,000 compared to sales of $367,207,000 for 1999. Net income for the quarter was $8,491,000 compared to $16,969,000 reported in the quarter ended December 31, 1999. For the year, net income, before an unusual gain, increased to $65,335,830 from $50,946,000 in 1999. Earnings per share for the quarter, assuming dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. , was $.22 compared to $.43 in the quarter ended December 31, 1999. For the year, earnings per share, before an unusual gain, rose 26% to $1.65 from $1.31 in 1999, assuming dilution. Commenting on the results, ADTRAN President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. Thrailkill stated, "We were pleased with our strong order rates and operating results through the first three quarters of the year, but that trend clearly began to abate abate v. to do away with a problem, such as a public or private nuisance or some structure built contrary to public policy. This can include dikes which illegally direct water onto a neighbors property, high volume noise from a rock band or a factory, an improvement mid-way through our fourth quarter. Despite the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in their sector, our Carrier Networks Division recorded record revenue in the fourth quarter, including strong sequential One after the other in some consecutive order such as by name or number. growth in our HDSL/T1 product line. We believe we will continue to gain share in our primary markets, so we look forward to a return to a more normal climate for telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. equipment suppliers. However, margins have been reduced by the previously announced effect of our transition to new generation HDSL See DSL. HDSL - High bit-rate Digital Subscriber Line 2 technology, changes in product mix and component pricing issues. The HDSL2 technology transition commenced in the fourth quarter, and we expect it to be substantially complete in the upcoming quarter. Together with scheduled new product announcements, we believe we are well positioned to resume our growth momentum when market demand returns to more traditional patterns." The Company reported an unusual gain during the year from the sale of a portion of the Company's investment in Dialog Semiconductor, resulting in a gain of $55,410,000 ($1.39 per share assuming dilution). Total earnings per share for the year, including net gain on investments, was $3.04. ADTRAN, Inc. designs, develops, and markets a broad range of high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. digital transmission products utilized by Telcos, corporate end users and OEMs to implement digital data service over existing telephone networks. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which reflect management's best judgment based on factors currently known. However, these statements involve risks and uncertainties including the successful development and market acceptance of new products, the degree of competition in the market for such products, the product and channel mix, component costs, manufacturing efficiencies, and other risks detailed in our annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999. Such risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release.
Condensed Balance Sheet
December 31, 2000
Unaudited
Assets
Cash & cash equivalents $27,971,313
Short-term investments 60,286,332
Accounts receivable 82,133,831
Other receivables 35,862,774
Inventory 89,253,411
Prepaid expenses 8,102,374
------------
Total current assets 303,610,035
Equipment (net) 39,199,087
Land 4,263,104
Bldg. & Land improvements (net) 80,250,986
Other assets 469,000
Long term investments 118,109,404
------------
Totals $545,901,616
============
Liabilities and stockholders' equity
Accounts payable $31,743,678
Accrued wages and benefits 6,189,407
Accrued income taxes 4,053,392
Accrued liabilities 4,741,464
------------
Total current liabilities 46,727,941
Long term liabilities 67,089,870
------------
Total liabilities 113,817,811
Stockholders' equity 432,083,805
------------
Totals $545,901,616
============
Condensed Statements of Income
For the periods ending 12/31/00 and 12/31/99
Unaudited
Fourth Fourth
Quarter Quarter
2000 1999
------- -------
Sales $121,755,019 $104,470,518
Cost of Sales 74,265,574 49,205,395
------------- -------------
Gross Profit 47,489,445 55,265,123
Selling, general and
administrative expenses 24,046,966 19,323,541
Research and development expenses 13,605,560 11,095,886
------------- -------------
Profit from operations 9,836,919 24,845,696
Other income / (expense) 3,027,669 975,929
------------- -------------
Income before income taxes 12,864,588 25,821,625
Provision for income taxes (4,373,954) (8,852,996)
------------- -------------
Net income $8,490,634 $16,968,629
============= =============
Weighted average shares
outstanding assuming dilution 39,123,170 39,208,001
============= =============
Earnings per common share
assuming dilution (1) $0.22 $0.43
============= =============
Earnings per common share $0.22 $0.44
============= =============
(1) Assumes exercise of dilutive stock options calculated under the
treasury stock method
Condensed Statements of Income
For the periods ending 12/31/00 and 12/31/99
Unaudited
For the Year For the Year
Ended Ended
December 31, 2000 December 31, 1999
Sales $462,948,721 $367,207,437
Cost of Sales 233,431,346 178,629,643
------------- -------------
Gross Profit 229,517,375 188,577,794
Selling, general and
administrative expenses 87,114,295 71,734,959
Research and development
expenses 50,627,664 42,017,779
------------- -------------
Profit from operations 91,775,416 74,825,056
Other income / (expense) 7,218,261 2,365,175
Income before income taxes 98,993,677 77,190,231
Provision for income taxes (33,657,847) (26,244,679)
------------- -------------
Net income (1) $65,335,830 $50,945,552
============= =============
Weighted average shares
outstanding assuming dilution 39,704,286 38,831,091
============= =============
Earnings per common share
assuming dilution (2) $1.65 $1.31
============= =============
Earnings per common share $1.69 $1.33
============= =============
(1) The amounts above do not include a realized gain of
$84,040,000 resulting from the sale of marketable equity
securities. The inclusion of such gain would result in Net
Income of $120,802,315 for the twelve months ending December
31, 2000; earnings per common share, assuming dilution, of
$3.04; and earnings per common share of $3.13.
(2) Assumes exercise of dilutive stock options calculated under
the treasury stock method
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